In the financial market it is known to have anonymous as well as non-anonymous trading systems for trading in financial instruments.
The term “financial instrument” is in the present application used in a broad sense and encompasses any tradable item (stocks, bonds, securities, cash, foreign exchange, options, gas, electricity, etc.) or group of items that is traded through matching of counterparty orders (bid, offer). An order normally includes a price and a volume of the item(s) or combination of items. The price and the volume can be viewed as order conditions that have to be met in order for a match (deal) to take place.
Although one main purpose of an anonymous trading system is to establish a fair and equal marketplace where no user or party knows the origin of any specific order (bid or offer) on the system, there is sometimes a problem for parties who do not wish to trade with specific counterparties. The most common reason for not trusting other parties is creditability, but there may be other reasons as well.
In non-anonymous systems similar situations may arise (engagement in trades with unwanted counter-parties) if the system is based on automatic matching of orders.
For any trading system that allows at least one of the parties to decline or reject a trade after a match has found by the trading system, there is a problem in that the orders must be reinserted by the parties, thereby losing their priority in the trading system's order book.